The feed options sound good in principle, although I expect the implementation to be deliberately hobbled. I've tried Facebook's existing (well hidden) chronological feed and it turns out there's so much spam in local groups that I found it unusable.

The bigger issue is the toxic "papers please" identity verification will result in a lot fewer "Australians" on the internet, who will now show up from various VPN endpoint countries, so presumably won't get the algorithm option.